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Proactive and preventative ways to protect your assets during a divorce

08.07.22

As a high net worth individual facing marital breakdown, it is natural to want to protect your assets. After all, getting divorced forms one of the most financially significant decisions you could ever make, making it even more important to secure specialist legal representation and be aware of what you should, and shouldn’t, do best to protect yourself.  

The courts will, of course, give decisive weight to pre- or post-nuptial agreements which have been validly entered and are enforceable, as dependent on the individual circumstances of the case. Where not otherwise entered, you still have options, and with powerful legal representation, can transform the outcome of your case. 

Ensuring expert valuation  

One of the best ways actively to improve upon the outcome of your divorce proceedings is to ensure that your assets are appropriately, accurately and fairly valued before the court. 

During proceedings, your spouse may well employ their own valuation team who could produce inflated estimates of your assets, thereby producing an unrealistic depiction of your worth. This is not uncommon and, if unchallenged, can prove costly. 

Often it is, strategically, hugely advantageous to obtain your own valuation from the off, so that the reality of your financial situation is clear from the very beginning.

At Vardags, we have our own in-house expert financial forensic team and in house property surveyor who can assist in tracing international assets, engage critically with valuation and liquidity reports, and ensure that you come to court with the very best advice and evidence available. 

Being aware of joint accounts 

It may be the case that you and your spouse share a joint bank account. In instances where you are the sole signatory, you may close this account independently of your spouse, though it is important to note that any money remaining in the account will still be regarded as joint marital property, and any transfers out of the account will be looked at by the courts. 

If, on the other hand, you and your spouse are joint signatories of the account, you will not be able to close that account acting alone, and the bank must obtain consent from the other party. Should you have concerns regarding your spouse’s spending or dissipation of funds, it is however possible to notify the bank of this, who can intervene to freeze the account. 

Avoiding lengthy litigation 

Prolific correspondence, unproductive negotiations and endless conflict can evolve into costly litigation. It is important, in this vein, to secure a solicitor who is client-focused and works dynamically, to ensure the best outcome for your case and in the most efficient timeframe possible. If you find that you are facing significant legal fees despite slow and unfruitful litigation, there is always the possibility to switch to solicitors who can reinvigorate your case and expedite the process.

Vardags is a top divorce and family law firm specialising in high net worth and complex cases, with an in-house forensic department to assist in expert valuations.  Headed by ‘Britain’s top divorce lawyer’, Ayesha Vardag, they deliver a world-class service with innovative and impactful solutions to ensure the best outcome for your case.

Vardags.com

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